Yes, through what we call a “Family Guarantee Home Loan”. It is a way of your family to help you acquire your dream home. Your family members can use the equity in their own home to provide additional security for part of your loan amount.
Being a guarantor simply means signing a legal agreement to cover mortgage repayments if the actual borrower falls behind.
This option helps: home buyers to access the market sooner; the borrower save money by reducing or avoiding the need to pay Lenders Mortgage Insurance and reduce the borrower’s loan to value ratio (LVR).
- Am I eligible?
- Family member who can provide the Family Guarantee include parents, siblings, sons and daughters.
- It is available to own occupiers purchasing their first home or next home.
- Individual applicants are restricted to a maximum of one family guarantee borrowing.